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DeSantis stamps changes to reverse mortgage tax requirements in Florida

Housing Wire

Ron DeSantis (R) signed a bill into law this week that changes certain requirements for the state’s reverse mortgage borrowers, a move that the National Reverse Mortgage Lenders Association (NRMLA) says could save money on closing costs.

Principal 435
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Rocket launches program to lower first-year mortgage payments

Housing Wire

Rocket Mortgage and its wholesale arm Rocket Pro TPO will reduce homebuyers’ monthly mortgage payments by one full percentage point for the first year of their loan. Rocket Mortgage will be covering the difference in mortgage payments in the first 12 months through a special escrow account.

Mortgages 418
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Why Montana is more heavily promoting its state-run reverse mortgage program

Housing Wire

The state of Montana has been more heavily promoting its state-based Reverse Annuity Mortgage (RAM) program for seniors. She sat down with HousingWire ’s Reverse Mortgage Daily (RMD) to offer more details about the push and the unique elements of the RAM program. So, right now, the reverse annuity mortgage program has about $5.5

Mortgages 433
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Rocket launches its first credit card to attract buyers, homeowners

Housing Wire

Rocket Companies has rolled out its first credit card in order to attract potential homebuyers and existing homeowners into its ecosystem amid one of the most challenging mortgage markets in decades. The firm will also waive the $95 annual fee for cardholders who are clients serviced by Rocket Mortgage.

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Agent commission lawsuits cast long shadow over VA, FHA borrowers

Housing Wire

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. VA loans offer a 100% financing option for qualifying military service members and veterans, and don’t require mortgage insurance. points from the 7.5%

VA loan 482
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Opinion: Rethinking the FHA mortgage insurance premium

Housing Wire

In 2013, the Federal Housing Administration (FHA) began requiring borrowers to pay the Mortgage Insurance Premium (MIP) for the life of an FHA loan. People have equated FHA insurance to that of private mortgage insurance used by the government-sponsored enterprises (GSEs), which is not life-of-loan. This change triggered controversy.

FHA loan 397
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Fannie Mae to accept lender-funded down payment assistance

Housing Wire

Fannie Mae will now buy mortgage loans with lender-funded grants, including down payment assistance, closing costs or financial reserves. There are, however, a number of additional caveats for a mortgage loan with a lender-funded grant to be eligible for sale to Fannie Mae. There may be more to come.

Loans 508